Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
15 September 2014
Savannah Resources Plc
Issue of Shares in lieu of Consultancy Fees and Employee Share Options
Savannah Resources plc (AIM: SAV) announces that it has issued new ordinary shares in lieu of consultancy fees and has agreed to issue a tranche of employee share options.
Two professional groups providing Savannah with consulting services in relation to Savannah's activities in Mozambique will be issued with 220,921 of shares worth £8,919 in lieu of consulting fees at a price 4.0372p per share based on a 15 day VWAP calculated at the date of invoicing.
Application will be made for the new ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 18 September 2014. Following Admission, the total number of voting rights in the Company will be 167,550,380 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The Company has agreed to issue 1,000,000 employee share options with an exercise price of 7.0p per share, with an exercise period limited to three years and vesting on specific performance milestones and events.
For further information please visit www.savannahresources.com or contact:
Savannah Resources plc
Tel: 44 20 7389 5019
James Biddle (Nominated Adviser)
Charlie Cryer (Corporate Broker)
RFC Ambrian Limited
Tel: 44 20 3440 6800
Felicity Edwards/ Charlotte Heap
St Brides Media & Finance Ltd
Tel: 44 20 7236 1177
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008).
Savannah has interests in two copper projects in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.
In addition, Savannah owns a 21.1% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.
This information is provided by RNS